The 4 Most Common Types of Surety Bonds
- Bid Bond: Ensures the bidder on a contract will enter into the contract and furnish the required payment and performance bonds if awarded the contract.
- Payment Bond: Ensures suppliers and subcontractors are paid for work performed under the contract.
- Performance Bond: Ensures the contract will be completed according to the terms and conditions of the contract.
- Ancillary Bond: Guarantees other factors that are incidental and essential to the performance of a contract.
There are many other types of commercial surety bonds. Professional Solutions can help you find the one you need.